Passiv Acquires Wealthly, Expediting the Advancement of SnapTrade Product
FREDERICTON, New Brunswick, July 18, 2023 (VSNewsNetwork.com) - Passiv, the operator of SnapTrade, an innovative fintech API technology services provider, has announced its acquisition of Wealthly, a social investing application. The agreement involves the recruitment of Terry Ma, the founder of Wealthly, who will assume a pivotal executive role at Passiv, along with his team.
Wealthly, founded in 2021 by Terry Ma with experience at Amazon, Google, and Convoy, offers a user-friendly social investing app that allows individuals to effortlessly track their stocks, options, and cryptocurrency. Moreover, it enables users to anonymously share their portfolio, trades, and insights both within and outside the platform. Boasting excellent integrations and support for prominent U.S. brokerages and cryptocurrency exchanges, Wealthly brings valuable IP and technical expertise to Passiv, further bolstering the development of its SnapTrade product.
Brendan Wood, CEO and co-founder of SnapTrade, emphasized, "The rapid growth of SnapTrade necessitated our proactive pursuit of technical IP to assist our partners in achieving their objectives. However, the opportunity to onboard talented individuals like Terry and his team made this a growth opportunity we couldn't ignore." Brendan Lee Young, CRO and co-founder of SnapTrade, added, "The acquisition of Wealthly propels us forward on our path of building a top-tier product. Our partners stand to benefit significantly from this acquisition."
Reflecting on the acquisition, Terry Ma stated, "When I started Wealthly, my vision was to make investing accessible and transparent to everyone. By joining forces with SnapTrade, I can continue that mission alongside an incredibly talented team who shares my vision."
SnapTrade has surpassed 100,000 connected investment accounts as of May, with major partners including Simply Wall Street, Blossom, Global Predictions, and Passiv. The combined assets connected across all SnapTrade partners exceed $3 billion.
Source: Passiv Inc. via Newswire
